JANUARY 2013 REAL ESTATE MARKET MONITORING

Transcription

1 JANUARY 2013 REAL ESTATE MARKET MONITORING

2 January 2013 Content 1. Residential real estate market Office market Retail market Hotels market Countryside real estate market All rights reserved. This report has been prepared for information purposes only. The data and information contained herein are the exclusive property of Blackwood Real Estate company. Reproduction of the report in total or in part is allowed only with a prior written permission of the Blackwood real estate company. Quoting is allowed with reference to the source.

3 RESIDENTIAL REAL ESTATEE Map 1.1. Moscow. CAD. Elite new buildings. Supply volume and structure. January 2013 Graph 1.1. Dynamics of supply volume in the primary market of elite flats and apartments At the end of 2013 the supply volume in the elite primary market increased by 9% and amounted to about 1,700 flats and apartments with the summary area of approx 300 thous. sq.m. The share of apartments in the market constituted 40.9%. 42 residential and 13 apartment complexes were on sale in the primary market. The main event of the past month was the entry of flats in residential complex Grand deluxe in Pluschikha under construction in 4, Pogodinskaya str. (Khamovniki area) to the market. The complex has been designed for 134 flats, measuring from 80 to 230 sq.m,, including flats with interior gardens and terraces on the upper floors. Two underground levels will provide for a parking for 260 parking lots. A residential complex is scheduled for commissioning by the end of

4 RESIDENTIAL REAL ESTATEE Map 1.2. Moscow. CAD. Elite residential space. Prices January 2013 * * - 1 flat is s on sale Graph 1.2. Dynamics of prices for elite residential space By the results of 2013 the average prices in the elite residential market of flats and apartments did not go through any tangible changes in comparison with the previous month. The average price equaled $19, 800 per sq.m. in the primary elite residential market and $24, 300 per sq.m. in the secondary one at the end of the month. The average price for elite apartments constituted $14, 450 per sq.m. The average supply budget reached $4.2 mln. in the primary market of elite flats and $2.5 mln. in the primary market of elite apartments. The minimal price of elite flats in new buildings established at the level of $0.9 mln., the minimal budget in the segment of apartments constituted $0.7 mln. (loft-style studio apartments). 4

5 OFFICE REAL ESTATE January 2013 Map 2.1. Moscow. CAD. Supply volume and structure A new 2013 started with a stable growth of business activity in the office real estate market, which caused a rather high aggregate volume of lease transactions, which exceeded 20 thous. sq.m (see the Spreadsheet below). A large transaction on the purchase of Olympic Park business center (the total area 70 thous. sq.m.) in the Leningradskoe highway by CJSC Kaspersky Laboratory was announced in the sale and purchase segment. The transaction cost amounted to $350 mln. Another large transaction of January (according to some data of December 2012) was the purchase of 50% share in MFC in Ozerkovskaya embankment by AFI Development. Therefore, AFI Development became the only owner of Aquamarin III MFC. The transaction sum reached $230 mln. Besides, Sberbank Investment Limited, having bought 33.3% of the Cyprus Afelmor Investments Ltd., implemented a mezzanine financing in the transaction of White Square business center purchase (the total area 74 thous. sq.m) by O1 Properties. Despite a rather active investment background and level of business activity, no business center construction was announced during the month. 5

6 OFFICE REAL ESTATE January 2013 Map 2.2. Moscow. Rental rates *. Delivered properties. Announced projects Restrictive city-planning policy of the mayor s office continues in It was reported in the first month of the year about a unilateral termination of the agreement for the lease of land in the Dmitrovskoe highway, where Mirland Development planned to construct a 47-storeyed office-retail sky-scrapper of 90 thous. sq.m rentable area with 1.5 thous. parking lots. Positive events of January 2013 included news about the choice of location for 17 construction sites of transport interchange hubs (TIH) with commercial infrastructure. Six of them will have offices, warehouses and retail-entertainment complexes with the total area of about 400 thous, sq.m. All in all, 279 TIHs with intercepting parkings are planned for development in Moscow, where developers will be allowed to erect almost 4 mln. sq.m of investment real estate. Spreadsheet. Some lease transactions, January 2013 Tenant Name Leased area Address Rosatom structure BC Svyatogor sq. m 10, Letnikovskaya str., bld.4 Elektronnaya Moskva BC Mamontov (Krasnaya Roza 1875) sq. m 11 Timura Frunze Familiya Danilovskaya Manufactura sq. m 9, Novodanilovskaya emb. Tinkoff Kreditnie Sistemi BC Mirland sq. m 38A, 2 nd Khutorskaya str. Supplier of electronic components BC Lotte sq. m 65, Profsoyuznaya str. * - hereinafter rental rates are indicated exclusive of VAT and OPEX 6

7 RETAIL REAL ESTATE January 2013 Map 3.1. New projects of professional retail centers, regional cities and open sources. The market main players business activity decline was traditionally observed in January in the commercial real estate market on the whole and in the professional retail real estate segment in particular. Nevertheless, it was reported about two projects of retail centers. Thus, the construction of specialized RC of household goods Home Store started near Voykovskaya metro station in Moscow. The aggregate area of the complex will amount to 11, 000 sq.m, it will operate in the killer category format: according to the developer s announcements, about 200 stores of interior items and goods for home and a furniture show room will be located in the retail center. Another project was announced in Bryansk: Aero Park retail and entertainment center with the total area of 121, 000 sq.m (the rentable area 84, 000 sq.m.) in the structure of a multifunctional complex, measuring 230, 000 sq.m. The MFC also envisages the location of an outlet center, offices, a concert hall and a hotel. It is the first project of such a scale in Bryansk and in case of successful implementation, it will in most likelihood be of demand both on the part of tenants and on the part of potential buyers. ДЕПАРТАМЕНТ КОНСАЛТИНГА, АНАЛИТИКИ И ИССЛЕДОВАНИЙ / www. / : +7(495) ДЕПАРТАМЕНТ КОНСАЛТИНГА, АНАЛИТИКИ И ИССЛЕДОВАНИЙ / / research@blackwood.ru Phones: +7(495)

8 RETAIL REAL ESTATE January 2013 Map 3.2. Moscow. Range of rental rates for retail premises by AD and open sources There were no important transactions in the street retail segment in January, and, as a result, the rental rates and the level of vacant areas preserved their indices reached at the end of During 2013 a further growth of rental rates may be forecasted in the segment: active plans on developers entry to the Russian market will contribute to it. In particular, it was reported about the opening of Toridoll Corporation restaurants at the beginning of 2013 in Moscow, Pyatnitskaya street has been chosen for the opening of the first restaurant. Earlier in 2012, Ginza Project in collaboration with the cook Jamie Oliver announced their plans to open street retail format restaurants. ДЕПАРТАМЕНТ КОНСАЛТИНГА, АНАЛИТИКИ И ИССЛЕДОВАНИЙ / www. / : +7(495) ДЕПАРТАМЕНТ КОНСАЛТИНГА, АНАЛИТИКИ И ИССЛЕДОВАНИЙ / / research@blackwood.ru Phones: +7(495)

9 HOTEL REAL ESTATE January 2013 Map 4.1. Moscow. Structure of hotel room stock and open sources A landmark event of the hotel market of Moscow in January against the market main players business activity decline was the opening of the first capsule hotel Sleepbox Moscow Tverskaya. The hotel room stock consists of 50 module rooms-capsules. As opposed to original capsule hotels, existing in Japan and targeting first of all businessmen, who work in large cities and do not have enough time to get home in the suburb, the Moscow analogue provides for a sleeping accommodation in a capsule, as well as a storage space and a TV. With account of a property novelty for the Moscow hotel market, as well as the central location and rather low accommodation price, it may be forecasted that the hotel will be of demand, not only on the part of businessmen, but also on the part of individual young tourists. 9

10 HOTEL REAL ESTATE January 2013 Map 4.2. Introduction of hotels under international operators management to the market, regional cities The opening of the Radisson Roza Khutor hotel for 181 rooms took place in January in Sochi. The hotel is located in Krasnaya Polyana in Roza Khutor ski resort. Therefore, currently, Rezidor Hotel Group manages 4 hotels in Sochi (in addition to the opened Radisson Roza Khutor, they include Radisson Lazurnaya, Radisson Blu Resort&Congress Centre, Park Inn by Radisson Rosa Khutor), the summary room stock under management accounts for about 1, 200 rooms. A number of hotels, including Park Inn by Radisson Sochi Imeretinskaya Resort and Park Inn by Radisson Sochi City Centre are getting ready for opening in This year will become landmark for the hotel market of Sochi: the majority of hotels under construction for Olympic Games 2014 will be opened. 10

11 COUNTRYSIDE REAL ESTATE January 2013 Map 5.1. Moscow Region. Countryside projects introduced to the market A new 2013 started cheerfully in the countryside real estate market: the sales started in six projects in January. And again, these were the projects of business and economy class with land plots without buildings contracts and townhouses. Two new settlements at once appeared in Novaya Riga. Integra developer announced the start of sales of land plots on 99 km of the Novorizhskoe highway in IstLandiya II settlement. The settlement is divided into 11 settlements, measuring from 28 to 54 sotkas, surrounded by pine forest, the price of which starts from 5.1 mln. rub. The sales of land plots with utilities started in Istritsa settlement located within 20 km of the Novorizhskoe highway. The territory of 28ha is divided into 95 land plots, measuring from to 25.8 sotkas, the price of land plots amounts to mln. rub. Incom company announced the start of sales in three settlements at once. Economy class townhouses were offered in RC Domodedovo Town within 17 km of the Kashirskoe highway at the price of 4.5 mln.rub. Kaskad Family developer offered townhouses, measuring from 102 to 144 sq.m., with house land plots of sotkas within the territory of RC of 17 ha. Besides, cottages, measuring from 207 sq.m, duplexes, measuring from 108 sq.m, and land plots without building contracts were on sale in CS Pushkinskoe ozero on 25 km of the Yaroslavskoe highway. All in all, 90 households with the minimal price of 13.2 mln.rub. per cottage, 4.5 mln. rub. per duplex and 4.4 mln. per land plot were located within the territory of 10ha. Incom took up the sale of land plots without building contracts on 39km of the Kaluzhskoe highway in Voznesenskoe CS. The area of the settlement reached 11 ha and was divided into 93 land plots from 8 to sotkas. The average price of a land plot at discount constituted 1.45 mln.rub. ДЕПАРТАМЕНТ КОНСАЛТИНГА, АНАЛИТИКИ И ИССЛЕДОВАНИЙ / / research@blackwood.ruphones: +7(495)

12 COUNTRYSIDE REAL ESTATE January 2013 Map 5.2. Moscow Region. Organized countryside settlements. Prices After a New-Year discount period the prices returned to the previous level. The prices for high-liquid properties were enhanced in some most in-demand projects. Thus, the prices for townhouses were raised in one of the popular countryside projects of RDI company Yuzhnaya dolina, and the minimal price of the property amounted to 5.4 mln.rub. The concept envisages the construction of 90 cottages, measuring sq.m, 1200 townhouses, measuring sq.m. The prices went through multiple increase in Bristol settlement, the sales paces in which approached 14 properties per month in autumn of the past year. On the whole, developers strive to prolong their successful projects and take up construction of new stages as soon as possible, while buyers interest has not faded away. Thus, GC Masshtab launched the construction of the second stage of a popular quarter of townhouses Kronburg located on 12 km of the Kaluzhskoe highway. The prices for townhouses in the project start from 57, 555 rub./sq.m. A landmark event in the countryside real estate market was the sale of two land plots, measuring 52.4 ha, in the territory of New Moscow near Serednevo village by Auction House of the Russian Federation. Morton company has won the auction and, according to its representative, a multifunctional residential complex is planned for construction on the plot. The area of construction may reach about 500, 000 sq.m and investments may amount to 30 bln.rub. ДЕПАРТАМЕНТ КОНСАЛТИНГА, АНАЛИТИКИ И ИССЛЕДОВАНИЙ / / research@blackwood.ruphones: +7(495)